STOCKHOLM SWEDEN– Americans Paul R. Milgrom and Robert B. Wilson have received the Nobel Prize in economics for “enhancements to auction theory and innovations of latest auction formats.”
“Auctions are all over the place and affect our regular life. This yr’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, consumers, and taxpayers around the globe,” the Nobel Prize committee stated on its Twitter account.
This yr’s prize came as a lot of the world experiences the worst recession since World Conflict II due to the coronavirus pandemic’s impact.
The award capped every week of Nobel Prizes and is technically generally known as the Sveriges Riksbank Prize in Economic Sciences in the Memory of Alfred Nobel. Since it was established in 1969, it has been awarded 51 occasions and is now broadly considered one of many Nobel prizes.
Final yr’s award went to 2 researchers from the Massachusetts Institute of Expertise and a 3rd from Harvard College, for his or her groundbreaking analysis into efforts to reduce world poverty.
Few economists might have predicted the final fall that the globe would come to a virtual standstill inside months, as governments closed their borders, imposed lockdowns, and ordered different measures to cease the spread of COVID-19, resulting in a sharp dip down in business activities globally.
The prestigious award is awarded 10-million krona ($1.1 million) prize money and a gold medal.
On Monday, the Nobel Committee first awarded the prestigious prize for physiology and medicine for finding the liver-ravaging hepatitis C virus.
Tuesday’s prize for physics was honored for the breakthroughs in understanding the mysteries of cosmic black holes. Later, the chemistry prize on Wednesday was awarded to the scientists for developing robust gene-editing software.
Lastly, the literature prize was given to American poet Louise Gluck on Thursday for her “candid and uncompromising” work. The World Food Programme won the Nobel Peace Prize on Friday for its effort to fight starvation worldwide.